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Zacks Earnings Trends Highlights: Micron, JPMorgan, Bank of America, Citigroup and Wells Fargo
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For Immediate Release
Chicago, IL – July 16, 2026– Zacks Director of Research Sheraz Mian says, "Excluding Micron, Q2 earnings for the remaining 33 index members that have reported Q2 results would be up +21.5% (vs. +55.3% otherwise) on +12.5% higher revenues (vs. +18.8% otherwise)."
Early Q2 Results Reveal a Highly Robust Earnings Landscape
Note: The following is an excerpt from this week'sEarnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
The big banks have kicked off the Q2 earnings season with remarkable momentum. Both earnings and revenue growth rates—along with the percentage of companies beating expectations—are tracking significantly higher than in recent quarters. While we are still in the opening stages of the Q2 reporting cycle, these early results strongly reinforce the robust corporate earnings trend we've been seeing.
For the 34 S&P 500 companies that have reported Q2 results already, total earnings are up +55.3% from the same period last year on +18.8% higher revenues, with 91.2% beating EPS estimates and 82.4% beating revenue estimates.
The Q2 earnings and revenue growth rates have been boosted by Micron's (MU - Free Report) very strong quarterly results, but the earnings and revenue growth rates would still compare favorably with other recent periods when we exclude Micron from these results. Excluding Micron, Q2 earnings for the remaining 33 index members that have reported Q2 results would be up +21.5% (vs. +55.3% otherwise) on +12.5% higher revenues (vs. +18.8% otherwise).
For the Finance sector, we now have Q2 results from 36.6% of the sector's market capitalization in the S&P 500 index. Total earnings for these Finance companies are up +30.2% from the same period last year on +20.4% higher revenues, with all the companies beating EPS estimates and 90.9% beating revenue estimates. This is a notably better performance from these Finance companies relative to what we have seen from the group in other recent periods.
Banks Kick off the Q2 Earnings Season in Style
The big banks and brokers kicked off the Q2 reporting cycle in style, comfortably beating consensus EPS and revenue estimates and providing reassuring reads on underlying trends in their businesses.JPMorgan's (JPM - Free Report) Q2 earnings increased +21.7% from the same period last year on +27.7% higher revenues, while those for Bank of America (BAC - Free Report) , Citigroup (C - Free Report) and Wells Fargo (WFC - Free Report) increased +27.5%, +45.1%, and +18.4%, respectively.
Bank stocks in general and these four stocks in particular have enjoyed a decent but otherwise unspectacular run this year, as some of the earlier geopolitical risk factors have eased lately. Banks are cyclical businesses, so any real or perceived reduction in economic risk is positive for their outlook.
Boosted by the strong results from these banks, total Q2 earnings for the Zacks Investment Banks/Managers industry, of which JPMorgan, Bank of America, Citigroup and Wells Fargo are a part, are expected to increase by +32.1% from the same period last year on +12.1% higher revenues.
For the Finance sector as a whole, Q2 earnings are expected to increase by +22.2% on +11.7% higher revenues, following the sector's +25.6% earnings growth on +9.8% higher revenues in the preceding period.
The Finance sector is the second largest earnings contributor to the S&P 500 index, behind only the Tech sector, accounting for 16.4% of the index's expected forward 12-month earnings.
The Earnings Big Picture
As with estimates for Q2, estimates for full-year 2026 have also been steadily going up, particularly since the start of March. The chart below shows the evolution of aggregate S&P 500 earnings estimates since last July.
Full-year 2026 earnings estimates have increased for 11 of the 16 Zacks sectors since the start of March, with the most pronounced gains at the Energy, Basic Materials, Tech, Industrials, Utilities, and Business Services sectors. On the negative side, estimates have been under pressure for the Transportation, Autos, Medical, and Consumer Discretionary sectors since the start of March. History suggests that these favorable revisions will get a boost from the Q2 earnings season and updated management guidance.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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Zacks Earnings Trends Highlights: Micron, JPMorgan, Bank of America, Citigroup and Wells Fargo
For Immediate Release
Chicago, IL – July 16, 2026– Zacks Director of Research Sheraz Mian says, "Excluding Micron, Q2 earnings for the remaining 33 index members that have reported Q2 results would be up +21.5% (vs. +55.3% otherwise) on +12.5% higher revenues (vs. +18.8% otherwise)."
Early Q2 Results Reveal a Highly Robust Earnings Landscape
Note: The following is an excerpt from this week'sEarnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
Banks Kick off the Q2 Earnings Season in Style
The big banks and brokers kicked off the Q2 reporting cycle in style, comfortably beating consensus EPS and revenue estimates and providing reassuring reads on underlying trends in their businesses.JPMorgan's (JPM - Free Report) Q2 earnings increased +21.7% from the same period last year on +27.7% higher revenues, while those for Bank of America (BAC - Free Report) , Citigroup (C - Free Report) and Wells Fargo (WFC - Free Report) increased +27.5%, +45.1%, and +18.4%, respectively.
Bank stocks in general and these four stocks in particular have enjoyed a decent but otherwise unspectacular run this year, as some of the earlier geopolitical risk factors have eased lately. Banks are cyclical businesses, so any real or perceived reduction in economic risk is positive for their outlook.
Boosted by the strong results from these banks, total Q2 earnings for the Zacks Investment Banks/Managers industry, of which JPMorgan, Bank of America, Citigroup and Wells Fargo are a part, are expected to increase by +32.1% from the same period last year on +12.1% higher revenues.
For the Finance sector as a whole, Q2 earnings are expected to increase by +22.2% on +11.7% higher revenues, following the sector's +25.6% earnings growth on +9.8% higher revenues in the preceding period.
The Finance sector is the second largest earnings contributor to the S&P 500 index, behind only the Tech sector, accounting for 16.4% of the index's expected forward 12-month earnings.
The Earnings Big Picture
As with estimates for Q2, estimates for full-year 2026 have also been steadily going up, particularly since the start of March. The chart below shows the evolution of aggregate S&P 500 earnings estimates since last July.
Full-year 2026 earnings estimates have increased for 11 of the 16 Zacks sectors since the start of March, with the most pronounced gains at the Energy, Basic Materials, Tech, Industrials, Utilities, and Business Services sectors. On the negative side, estimates have been under pressure for the Transportation, Autos, Medical, and Consumer Discretionary sectors since the start of March. History suggests that these favorable revisions will get a boost from the Q2 earnings season and updated management guidance.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.